Spreadex Market Update
The streets run red with the markets’ blood
Beyond the unique situation created by Bloomberg and China, the Eurozone remained frustratingly in the focus, with not a bull to be found. George Osborne warned that the world could see a repeat of the 2011/12 Eurozone crisis if the Greece situation isn't carefully resolved, whilst in reassuring news, noted German joy-bringer Wolfgang Schauble has claimed that nobody actually has any idea of how to solve the Greek issue.
The IMF’s Poul Thomsen also chipped in, stating that significant changes need to be made to the Greek programme itself, whilst European Commissioner Pierre Moscovici appears to have shifted the Greek reforms deadline saying a ‘concrete’ set of changes must appear by May 11th, effectively confirming that a deal could be found next week on the proviso that some pigs sprout wings. The losses this overwhelmingly negative tone caused were heavy for the Eurozone, with the DAX’s 12000 mark rapidly disappearing out of sight as the day continued.
The US markets joined in with as the Dow Jones immediately sank to deep 3 digit declines after the bell. Despite America’s inflation figures meeting the modest forecasts, giving little for the Fed’s doves and hawks to play with in the process, and preliminary UoM economic sentiment data coming in better than expected, the US indices couldn’t escape the thunderstorm of negativity created by the markets this morning.
The FTSE couldn’t help but follow the examples of the rest of the world, plunging below 7000 for the first time in a week. Brent Crude’s continued success, with the commodity breaching the $64 per barrel mark, alongside a solid performance from copper failed to help both the oil and mining sectors, leaving the FTSE as adrift as the rest of the global markets.
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